NFTs have been making waves in the art world, with recent high-profile pieces selling for millions of dollars and high-profile art auctioneers participating in the sales. However, many see the main benefits of NFTs in allowing transparency of ownership and royalties for the artists. One online South African art fair is in agreement, and launched their own NFT offering this week.
Imagine a world where artists earn royalties for every sale of their work in perpetuity, a world where ownership of a piece’s history is public record? With the advent of Non-Fungible Tokens (NFT) transforming the art world globally, that reality is here, and South African art and artists are entering the NFT game along with museums, and looking to transform the way art is bought and sold forever.